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Løci Sneaker Cofounder: How I Built My Brand and Convinced Nicki Minaj to Invest

Løci Sneaker Cofounder: How I Built My Brand and Convinced Nicki Minaj to Invest

This essay, as told, is based on a conversation with Emmanuel Eribo, CEO and co-founder of Løci, who worked in finance before becoming an entrepreneur. The following text has been edited for length and clarity.

I never really considered working in finance until I went out for drinks with a friend one day.

He ordered a lot of expensive drinks, wore a nice suit and shoes and said to me, “Don’t worry, I’m a banker.” It was a telling moment for me.

I had no financial background as I had studied psychology at university. Yet I tried unsuccessfully to get into banking for about eight months.

While living rent-free at my mom’s, I decided to buy some coding books and teach myself how to code. I was lucky enough to get a job as a coder at HSBC and started programming for the trading floor.

But after a few months, I didn’t feel like it was a good fit for my culture and I figured I’d change jobs soon. I wanted to be my own boss and have control, but because of the pay and lifestyle that came with it, I stayed in the financial industry for about eight years.

I wanted to get involved in creating a project that I could be responsible for – at the time it was a consumer products company. My brother, my school friends and I bounced ideas around.


Emmanuel Eribo smiling

Emmanuel Eribo is the CEO and co-founder of Løci.

Løci



I remember telling my mom I was thinking about starting a business. She said, “If you think you can do it, I’m here for you.” That was all I needed because I started with nothing, and if I start with nothing, I’ll probably make it.

At first I was very afraid to quit my job, but as an entrepreneur this fear is constant and you get used to it.

We ended up starting a business called Butterfly Twists as a side hustle. It was a ballet shoe brand that we started as a hobby while we were working in finance and we distributed online. We started selling a lot of shoes, so we quit our jobs and grew that brand. It grew to an office with 60 employees in the UK and 30 overseas.


Butterfly Twists Shoes

Shoes from the Butterfly Twists range by Harley Viera-Newton.

Dave Bennett/Getty Images



Over the next seven years, we learned how the industry worked. My experience in banking taught me to work hard, which allowed me to run a business.

Butterfly Twists grew tremendously: we were selling in 67 countries, had 32 stores, and were selling a million pairs of shoes a year. On the surface, we were doing really well, but I wasn’t really passionate about the industry because I couldn’t really relate to it.

I was very proud of what we had accomplished, but I felt like I was spending my time creating spreadsheets or PowerPoint presentations. The days of running around with sneakers in your bag and closing deals were long gone.

Building a new brand

During the pandemic, I asked myself whether I wanted to spend the next few years of my life in this business or doing something I loved.

My friend, my brother and I were talking and thinking, “Imagine if we could create another company that represented everything we believe in.” That’s when we came up with the idea of Løcia luxury vegan sneaker and clothing brand.


Models wearing Løci sneakers

Løci shoes are worn by many celebrities.

Løci



Løci comes from the Latin ‘locus’, which means centre or place and the feeling of being at home. We wanted to create a company that felt at home and that was based on our values, which is why we used recycled and biodegradable materials.

We dedicate a large part of our resources to removing plastic from the oceans and, from a human point of view, we have created a platform for artists and musicians. We organize events in exclusive locations and organize performances with emerging artists.


Emmanuel Eribo and Charlotte Tilbury

Emmanuel Eribo with Charlotte Tilbury at Soho House in London.

David M. Bennett/Getty Images



Løci is a platform for others and for me, it allows me to be the person I want to be, to express myself and take control of my life. That’s something I don’t think working in finance has offered me.

During the pandemic, we went to the US and started building relationships. When we started Løci in 2021, we had no money but we had a dream of creating a sneaker brand. We didn’t have the skills, but we knew how to create a brand.

Since our launch, we have had a significant number of celebrity endorsements, which I could never have dreamed of at the beginning. Leonardo DiCaprio has invested in our company and Nicki Minaj is also a shareholder. We also did an exclusive sneaker collaboration with her.


Nicki Minaj poses with a pair of pink sneakers from her collection with LØCI

Nicki Minaj has a collection with Løci.

Løci



Developing relationships

The worst way to market and network is to cold call them. I would never want to be introduced to someone that way, it’s annoying.

I discovered that the secret to success is patience, willingness, being a great person and enjoying it. People always asked me how I networked, and I told them it was natural.

Despite everything that happened, five or ten things didn’t happen. We’re always working from different angles, with different people and opportunities. It’s best to approach it by asking yourself, “How can I add value to their lives?” That’s the first thing my team and I try to do when we meet people, because everyone has a dream.

Building a brand takes time: you’re on a journey and you have to see it through, no matter how difficult it may be.